When Derek Stevens, a Downtown casino owner, started taking Bitcoin for non-gaming purchases at the D Las Vegas and Golden Gate eight years ago, he wasn’t sure how his customers would react.
D’s American Coney Island and Andiamo Italian Steakhouse are two restaurants where he expected people to spend their digital cash. The Bitcoin BitPay gadgets at gift stores were instead used by customers to buy specific items, such as a bag of potato chips.
The casino sector has begun its own difficult calculation to figure out how to incorporate digital assets into gaming operations, as bitcoin grows in popularity. In spite of the fact that cryptocurrency kiosks have appeared in a number of casinos, gambling with uncontrolled digital money is a step too far at this juncture.
As Sood told The Nevada Independent, “Vegas will have to start thinking how to do something in the metaverse and attract that consumer to their actual property.” In my opinion, they’re going crazy because they haven’t yet worked out how to accept crypto.
Cryptocurrency And Vegas
As of late, cryptocurrency trading platforms and companies have received massive national attention. Stevens’ early adoption of what was previously considered a curiosity is now firmly in the mainstream.
Cryptocurrency firms spent $6 million to $7 million for 30 seconds of airtime during the Super Bowl, with over a dozen distinct ads booked. Most attention was paid to Coinbase’s 60-second floating QR code ad, which was so popular that the company’s app had to be momentarily shut down because of its popularity.
Digital exchange is also available in Las Vegas. There are just a small number of non-gaming Las Vegas casino owners that are actively promoting cryptocurrencies at this time. Aside from putting up LED billboards at Circa and D Las Vegas, Stevens doesn’t conduct any marketing for the machines. Even though there are is no a big number of casinos in Las Vegas which promote payment with BTC, as the demand for the casinos increases more and more people search for online casinos with crypto payment methods. In order to allure more customers, casinos use bonus systems. This means that customers can receive a crypto casino no deposit bonus in gambling websites, where they can get a unique and wonderful experience while paying with digital currencies. When Resorts World Las Vegas opened this summer, it announced a partnership with cryptocurrency exchange Gemini that would enable clients to use different digital payment methods “in all sections” of the $4.3 billion Strip property. Customers may buy, sell, store, and earn various cryptocurrencies on the Gemini platform.
Scott Sibella, the president of Resorts World Las Vegas, said in an email that the agreement with Gemini announced in May is meant to “explore the future potential that would enable customers to utilize their crypto wallet on the resort for non-gaming transactions.” “We’ll be able to share additional information as these initiatives advance,” says the narrator.
A bitcoin exchange machine has been installed near the Famous Foods eating area at Resorts World. Despite Sibella’s claim that the kiosk is supposed to “enhance the entire guest experience via technology-driven conveniences,” the hotel has not advertised the kiosk.
“We’ve heard from visitors who are quite interested in using cryptocurrencies at our Strip locations,” said MGM Resorts International spokesperson Brian Ahern.
Cryptocurrency transactions for a restricted number of casino-related transactions are being investigated, according to Ahern, in an email.
What About Crypto Regulations?
In order to utilize cryptocurrencies in gaming, the most straightforward method is to use an ATM to convert the digital currency into dollars, which can then be put into a digital wallet or exchanged for casino chips at a cage or a table game.
No restrictions are in place to control the usage of bitcoin on casino floors by the Nevada Gaming Control Board.
There is currently no policy in place to directly utilize cryptocurrencies to undertake gaming activities, according to Jim Barbie, the chief technology officer at CSFB.
KYC is “massive” in the crypto field, according to Barbee, since cryptocurrency businesses are classified as money transmitters by the US Treasury’s Financial Crimes Enforcement Network. Gaming and FinCEN have worked collaboratively to ensure compliance with all Bank Secrecy Act anti-money laundering standards. There are still some bitcoin exchanges that aren’t adhering to the different regulations, according to Barbee.
As a result, Barbee added, “you can’t completely rule out that the source of funding is coming from unlawful activities.” “Cryptocurrency now presents an inherent problem.”
There are 1,583 cryptocurrencies listed on Coinmarketcap.com, more than all of the world’s conventional fiat currencies, government-based money like the US dollar or the Euro.
Cryptocurrency’s fundamental notion might be difficult to grasp even as it grows in popularity: One of the most important aspects of cryptocurrency is the use of blockchain technology to record and trace transactions.
According to Kenneth Blanco, former director of the Financial Crimes Enforcement Network (FinCEN), any gaming facility “on the internet or in the real casino” must guarantee bitcoin is accounted for in rules, processes, internal controls, and risk assessments.
